Breaking Barriers and Building Trust: A Blockchain-based Solution for Secure Transactions in Multipurpose Businesses in Bangladesh.

Blockchain in Multipurpose Businesses in Bangladesh

Abstract

Blockchain has the potential to secure the transaction system of business of any kind. The decentralised mechanism of blockchain ensures transparency of transaction. The fact that it is nearly impossible to temper with data included in a blockchain and scope of recording transactional information of both past and present, is what makes it more attractive to a business organization. As our focus is particularly on multipurpose businesses of Bangladesh, we tried to come with a system that best fits the scenario, also ensuring that system can make the best use of all the default yet convenient features of blockchain.  We have conducted a qualitative research on the topic based on the types, features and facts of blockchain. The base of the system is built with consortium blockchain, as it provides the benefits of both the public and private blockchain.  In the proposed system, public blockchain is used among the members of a particular department, whereas all the departments together are connected via private blockchain. This basically derived from the basic structure of consortium, where a specific group of people is given the permission to view all the blocks of the blockchain while some other group will not be able to do so. Moreover, the certification to verify authentic customers, is dealt within the department rather than hiring an external third party.  A strong algorithm of key generation named RSA is used, and digital signature derived from them adds extra security to the transactional activities.  The whole system together is intended to make the transactions of a multipurpose business more secured and transparent.